EC-070
The three kinds of industry.
What is producer, trade, and service
Buying regular groceries.
What is a staple item?
A cashier working at Walmart.
What is human resources?
Raw iron ore.
What is a natural resource?
Ability to buy non-necessities.
What is buying power?
Turns raw goods into products.
What is a manufacturer?
The desire for friends.
What is a non economic want?
What is using natural resources?
Playing a game instead of doing homework.
What is opportunity cost?
Products that impact one another.
What are complementary products?
Provides intangible goods.
What is a service business?
Buying a funeral casket.
What is an unsought good?
A stove in a restaurant kitchen.
What is a capital good?
The study of meeting unlimited competing wants with limited resources
What is Economics?
Quantity of a good or service offered for sale.
What is supply?
Sells goods to the 'ultimate consumer'
What is retailing?
Purchasing luxury items.
What is specialty goods?
Offering higher wages and benefits.
What is a response to limited human resources?
The desire for a new car.
What is an economic want?
Higher price, more items produced.
What is the law of supply?
Sells goods to retailers.
What is a wholesaler/trade business?
Economic votes are cast.
What is making a purchase?
Replacing human resources with capital goods.
What is automation?
Limiting factor(s) on capital goods.
What is technology, human resources, or natural goods?
Willingness to give up buying power.
What is demand?